Best time to take action on refi?
If rates are only going to increase through the year, what are some tips on trying to get a good rate on refi? My current rate is 4.17 and I owe 422,599, value is $520,900. I would like to lower my payment, not really interested int taking out money/cash. by dolusachak966 from Bronx, New York. Oct 15th 2018
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The best time to refinance is whenever it makes sense. Current 30-yr fixed rates (as of this posting) are hovering around 4.875%, while 15-years rates are around 4.50%. So your current rate is better than what you'd get a new loan at. Stretching the loan back out, for example maybe you have 22-years left, but go back to a 30-yr could possible lower your payment. I suggest contacting a mortgage broker in your area, and giving them a few more details on your situation and your desired goal. They can go over things and see if today's makes sense. For homes in MN, WI, and SD, visit me at www.iMortgageJoe.com
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
keep what you have as rates are quite a bit higher than what you have
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